FONDO FINANCIERO: Moody's Assigns 'E+' Bank Strength RatingKBSTORE SRL: Trustee Verifying Proofs of Claim Until May 4LIBRERIAS URBANAS: Proofs of Claim Verification Due on May 12MUTUAL AGUA: Proofs of Claim Verification Due on June 10NUR PLAST: Proofs of Claim Verification Due on May 12

PEVICO SRL: Trustee Verifying Proofs of Claim Until May 22PINCHOS'S SRL: Proofs of Claim Verification Due on June 3PRECY LEFEVRE: Proofs of Claim Verification Due on April 15RUTA 5: Proofs of Claim Verification Due on May 12SACR SRL: Trustee Verifying Proofs of Claim Until April 17

STANFORD INT'L BANK: Antigua Gov't to Probe Land Investment-----------------------------------------------------------The Antigua and Barbuda government will launch an investigationinto Robert Allen Stanford's acquisition of Guiana Island, whichwas reportedly sold for US$68 million when, back in 2004, Mr.Stanford had offered US$22 million for the property, Oscar Ramjeetof Caribbean Net News reports.

According to Caribbean Net News, citing Antigua Sun, AttorneyGeneral Justin Simon raised concerns on the price the island wassold for to Mr. Stanford. Caribbean Net News recalls Mr. Simontold the Financial Times that "in that period there was nodevelopment at all -- certainly not to justify the difference inprice.”

Caribbean Net News notes Mr. Simon said if a criminalinvestigation were launched, it would include the circumstances inwhich the transfer of shares were made, as well as the value ofthe assets.

Guiana Island, Caribbean Net News says, is owned by Asian VillageAntigua Ltd, an offshore company incorporated in Tortola byMalaysian businessman Dato Tan Koy Hock, who acquired the land in1997 to develop hotels and a resort.

The U.S. Securities and Exchange Commission, on Feb. 17, chargedMr. Stanford and three of his companies for orchestrating afraudulent, multi-billion dollar investment scheme centering onan US$8 billion Certificate of Deposit program. Mr. Stanford'scompanies include Stanford International Bank Limited (SIBL),Stanford Group Company, and investment adviser Stanford CapitalManagement.

STANFORD INT'L BANK: SFG Officer Files US$20MM Suit Against Lawyer------------------------------------------------------------------Stanford Financial Group Chief Investment Officer LauraPendergest-Holt filed a US$20 million lawsuit against former firmattorney Thomas Sjoblom -- a partner in the Washington law firmProskauer Rose LLP –- for malpractice that led to her arrest, AnnaDriver of Reuters reports.

In a complaint filed with the Dallas District Court, the reportrelates Ms. Pendergest-Holt said Mr. Sjoblom's actions are thereason she "has been wrongfully accused of a crime" and isincurring "hundreds of thousands of dollars in attorney's fees."

According to Reuters, Ms. Pendergest-Holt accused Mr. Sjoblom, whoadvised her before her recorded SEC testimony, of representing thecompany's interests rather than her individual interests. Thereport notes the lawsuit said that the night before Mr. Sjoblommet Ms. Pendergest-Holt to prepare her for her SEC testimony, thelawyer solicited a multimillion dollar retainer from Mr. Stanfordto represent him personally.

Reuters says court documents also show that shortly after Ms.Pendergest-Holt's testimony, Ms. Sjoblom notified the SEC that hisfirm no longer represented Stanford.

The U.S. Securities and Exchange Commission, on Feb. 17, chargedMr. Stanford and three of his companies for orchestrating afraudulent, multi-billion dollar investment scheme centering onan US$8 billion Certificate of Deposit program. Mr. Stanford'scompanies include Stanford International Bank Limited (SIBL),Stanford Group Company, and investment adviser Stanford CapitalManagement.

The SEC also charged SIBL chief financial officer James Davis aswell as Ms. Pendergest-Holt in the enforcement action.

Ms. Pendergest-Holt, who was arrested on February 26, concealedher role in and familiarity with the Antigua bank's investmentswhen she was questioned earlier that month, Reuters relates citingthe US Justice Department.

Moody's noted that its E+ BFSR reflects Ecofuturo's modest marketshare within the Fondos Financieros industry in Bolivia (which areregulated microfinance entities), which in itself accounts for1.2% of the Bolivian banking system's total assets. The ratingalso incorporates these factors: (1) its monoline business model,focused on micro-lending; (2) a client base that is highlysensitive to economic cycles; and (3) a funding structure relianton foreign multilateral institutions.

In analyzing Ecofuturo's loan portfolio under a number ofscenarios (base and stressed) Moody's said that the entity'scapital adequacy ratio (11.95%), although currently satisfyingregulator's requirements could come under pressure were assetquality to substantially deteriorate. Positive rating pressurescould result from Ecofuturo's ability to remain profitable andthus strengthen its capital base, while monitoring credit costs asit grows. The entity's ability to secure funding withinternational financial institutions is critical to support itsgrowth prospects.

The B3 global local-currency deposit rating derives fromEcofuturo's Baseline Credit Assessment of B3, as well as Moody'sassessment that the entity would not be elegible to receivesystemic support in case of stress because of its marginal marketshare in terms of deposits.

Fondo Financiero Privado Ecofuturo S.A. is headquartered in LaPaz, Bolivia. As of December 2008, the entity reported Bs. 588.2million in assets and Bs. 65.7 million in equity.

The trustee will present the validated claims in court asindividual reports on June 16, 2009. The National CommercialCourt of First Instance in Buenos Aires will determine if theverified claims are admissible, taking into account the trustee'sopinion, and the objections and challenges that will be raised bythe company and its creditors.

Inadmissible claims may be subject to appeal in a separateproceeding known as an appeal for reversal.

A general report that contains an audit of the company'saccounting and banking records will be submitted in court onAugust 13, 2009.

LIBRERIAS URBANAS: Proofs of Claim Verification Due on May 12-------------------------------------------------------------Liliana Basualdo, the court-appointed trustee for LibreriasUrbanas SRL's bankruptcy proceeding, will be verifying creditors'proofs of claim until May 12, 2009.

Mr. Basualdo will present the validated claims in court asindividual reports. The National Commercial Court of FirstInstance No. 13 in Buenos Aires, with the assistance of ClerkNo. 25, will determine if the verified claims are admissible,taking into account the trustee's opinion, and the objections andchallenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement planduring the assembly on April 1, 2010.

NUR PLAST: Proofs of Claim Verification Due on May 12-----------------------------------------------------Dora Paiva, the court-appointed trustee for Nur Plast SA'sbankruptcy proceedings, will be verifying creditors' proofs ofclaim until May 12, 2009.

Ms. Paiva will present the validated claims in court as individualreports. The National Commercial Court of First Instance No. 8 inBuenos Aires, with the assistance of Clerk No. 16, will determineif the verified claims are admissible, taking into account thetrustee's opinion, and the objections and challenges that will beraised by the company and its creditors.

The trustee will present the validated claims in court asindividual reports on July 6, 2009. The National Commercial Courtof First Instance in Buenos Aires will determine if the verifiedclaims are admissible, taking into account the trustee's opinion,and the objections and challenges that will be raised by thecompany and its creditors.

Inadmissible claims may be subject to appeal in a separateproceeding known as an appeal for reversal.

A general report that contains an audit of the company'saccounting and banking records will be submitted in court onSeptember 3, 2009.

Creditors will vote to ratify the completed settlement planduring the assembly on March 8, 2010.

PINCHOS'S SRL: Proofs of Claim Verification Due on June 3---------------------------------------------------------Ernesto Garcia, the court-appointed trustee for Pinchos's SRL'sbankruptcy proceedings, will be verifying creditors' proofs ofclaim until June 3, 2009.

Mr. Garcia will present the validated claims in court asindividual reports. The National Commercial Court of FirstInstance No. 26 in Buenos Aires, with the assistance of ClerkNo. 52, will determine if the verified claims are admissible,taking into account the trustee's opinion, and the objections andchallenges that will be raised by the company and its creditors.

PRECY LEFEVRE: Proofs of Claim Verification Due on April 15-----------------------------------------------------------Alfredo Iriondo, the court-appointed trustee for Precy LefevreSA's bankruptcy proceedings, will be verifying creditors' proofsof claim until April 15, 2009.

Mr. Iriondo will present the validated claims in court asindividual reports. The National Commercial Court of FirstInstance No. 19 in Buenos Aires, with the assistance of ClerkNo. 38, will determine if the verified claims are admissible,taking into account the trustee's opinion, and the objections andchallenges that will be raised by the company and its creditors.

RUTA 5: Proofs of Claim Verification Due on May 12--------------------------------------------------Pablo Amante, the court-appointed trustee for Ruta 5 SA'sreorganization proceedings, will be verifying creditors' proofs ofclaim until May 12, 2009.

Creditors will vote to ratify the completed settlement planduring the assembly on February 16, 2010.

The trustee will present the validated claims in court asindividual reports on June 2, 2009. The National Commercial Courtof First Instance in Buenos Aires will determine if the verifiedclaims are admissible, taking into account the trustee's opinion,and the objections and challenges that will be raised by thecompany and its creditors.

Inadmissible claims may be subject to appeal in a separateproceeding known as an appeal for reversal.

A general report that contains an audit of the company'saccounting and banking records will be submitted in court onJuly 15, 2009.

===========B R A Z I L===========

BANCO DO BRASIL: BM&F OKs Delay of Shares Increase to June 2011---------------------------------------------------------------Rogerio Jelmayer of Dow Jones Newswires reports BM&F Bovespa SA,Brazil's financial exchange, has approved Banco do Brasil SA'srequest to delay a planned increase in its free float of shares toJune 2011. The report recalls before the exchange's decision, thebank had been obliged to reach 25% by the end of June 2009.

According to the report, the bank currently has a free float of21.7%.

Banco do Brasil SA is Brazil's federal bank and is the largest inLatin America with some 20 million clients and more than 7,000points of sale (3,200 branches) in Brazil, and 34 offices andpartnerships in 26 other countries. In addition to itstraditional retail banking services, Banco do Brasil underwritesand sells bonds, conducts asset trading, offers investorsportfolio management services, conducts financial securitiesadvising, and provides market analysis and research.

BANCO IBI: Moody's Cuts Bank Financial Strength Rating to 'E+'--------------------------------------------------------------Moody's Investors Service downgraded the bank financial strengthrating of Banco Ibi S.A. -- Banco Multiplo to E+ from D-. Ibi'slong-term local and foreign currency deposit ratings were alsolowered to B1 from Ba3. At the same time, Moody's downgraded thebank's long-term Brazilian national scale ratings to Baa1.br fromA3.br. Ibi's short-term local and foreign currency depositsratings were affirmed at Not Prime, while its short-term NSR wasaffirmed at BR-2. The outlooks on all ratings are stable.

The rating action concludes the review for possible downgradeinitiated in October 14, 2008. In lowering Ibi's ratings, Moody'snoted the consistent weakening of asset quality in the loan bookduring 2008, which produced high levels of nonperforming loans byyear-end. The generation of recurrent earnings from creditoperations remained robust in light of the inherently high-margined nature of the bank's credit card portfolio, the ratingagency pointed out, but profitability was significantly pressuredby high credit costs.

Moody's added that Ibi's bottom-line results could face furthercompression as economic deceleration unfolds in 2009. The agencybelieves that potential exists both for lower revenues as salesvolumes decline in the retail sector and for higher credit costsas consumers' disposable income flattens.

According to DJ Newswires, Mr. Ferraz said BNDES' export financeprovision jumped 54% to BRL6.59 billion from the previous year dueto the drying up of private credit for foreign sales. "We havehad to temporarily replace this type of financing, but the bankshaven't come back yet. They ran off with the crisis," the reportquoted Mr. Ferraz as saying.

DJ Newswires notes Mr. Ferraz said the bank wouldn't change itsrole in this area until the economic scenario returns tostability.

Banco Nacional de Desenvolvimento Economico e Social SA isBrazil's national development bank. It provides financing forprojects within Brazil and plays a major role in theprivatization programs undertaken by the federal government.

* * *

As of February 19, 2009, Banco Nacional continues to carry a Ba2foreign long-term bank deposit rating from Moody's InvestorsService. The rating was assigned in August 2007.

FUNDO BONSUCESSO: Moody's Cuts Rating on Senior Shares to 'Ba1'---------------------------------------------------------------Moody's America Latina has downgraded the rating of the seniorshares of Fundo Bonsucesso de Investimento em Direitos Creditorios- Emprestimos com Consignacao em Folha, Series 2006-1 (FIDCBonsucesso), to Ba1 from Baa2 on the global local currency scale,and to Aa2.br from Aaa.br on the Brazilian national scale. Therating continues on review for possible downgrade.

This rating action reflects Moody's concerns about the dependenceof this securitization on the servicing and credit supportprovided by the originating bank, Banco Bonsucesso, whosefinancial strength has weakened. Moody's had downgraded ratingsfor Banco Bonsucesso in December 2008 to reflect its more modestgrowth and profitability prospects in light of the changingbusiness and funding dynamics that have resulted in a substantialscale down of its loan origination. Moody's has since withdrawnratings for Bonsucesso. For further details on these ratingactions, please refer to the respective press releases atmoodys.com.

Because the performance of the securitized consigned loans couldbe affected by any disruption in servicing, a higher likelihood offinancial distress of the primary servicer would likely increasethe probability of deterioration in the performance of thesecuritized collateral. In this particular case, the originatingbank plays an important role as primary servicers of thesecuritized assets.

Moody's noted that upon the potential financial failure of theprimary servicer, the processes of collection, transfer andreconciliation of amounts deducted from borrowers could be haltedfor a period of time, the duration of which is difficult topredict. Delays could potentially lead to a default of the FIDC'sobligations. In a more stressful scenario, the servicer wouldhave to be replaced by another bank, thus requiring a newservicing arrangement for the FIDC. The degree of servicingdisruption would depend on the severity of the potential scenariosregarding the bank's failure -- either intervention by the centralbank, liquidation of the bank or bankruptcy.

Moody's therefore believes that the rating of this consigned loansecuritization has become more closely aligned with the rating ofthe originator.

Moreover, Moody's assesses no probability of systemic support tothe local currency deposit ratings of Banco Bonsucesso, in anindication of its very small share in the deposits market inBrazil. Moody's highlights that the consigned loan transactionsmay also be supported by the originators in the form of repurchaseof delinquent assets, replacement of loans to avoid the breach oftransaction triggers, and cash advances to cover shortfalls fromprepaid loans. A financial distress of the originator would haltsupport to the securitization transaction, and as a result theperformance of the receivables could deteriorate significantly.

The rating will continue on review for possible downgrade.Moody's notes that currently the FIDC has an amount equivalent toapproximately 63% of the senior shares' outstanding balanceinvested in highly-liquid Brazilian government securities.However, this amount could currently be applied to amortizesubordinated shares, with the only restriction of maintaining aminimum level of subordination of 23% of the FIDC's net assetvalue. The originator has informed Moody's that it intends toamend the transaction's documents to restrict any payments tosubordinated shares until the senior shares are fully paid down.The review will focus on the effective, valid and bindingamendment of the transaction documents on a timely fashion so asto restrict any payments to subordinated shareholders until thesenior shares are fully paid down. Failure by the originator toamend the documents in a timely fashion could have a negativeeffect on the transaction's rating.

The senior shares of FIDC Bonsucesso are scheduled to fullyamortize by August 2009, with two quarterly payments due in Mayand August 2009.

The last rating action for this transaction was on January 19,2009 when the rating was placed on review for a possibledowngrade.

Rating Methodology

The rating methodology used to rate consigned-loan backedtransactions is based on historical performance data, the deal'sstructural features and qualitative assessments. The performancedata includes, among others, historical information about theorigination of receivables, delinquencies, and prepayments. Thequalitative assessment includes, among other factors, a review oforigination and credit approval processes and servicing.

Moody's estimates the expected loss of the securitized pool basedon the analysis of the originating bank's static pool data, whichis incorporated in a cash flow model to determine the expectedloss for the rated securities. The cash flow model simulates awind-down scenario, which would occur under an early amortization.

Moody's considers the risk that a jurisdiction fails to transferto the servicer the cash flow coming from collections on the loaninstallments deducted from employee's paychecks. This risk isusually the result of short-to-medium term liquidity pressuresobserved at the jurisdiction level and it is expected to bemitigated by the fund's eligibility criteria. In order to testthe transaction for concentration per jurisdiction, Moody's runs asimulation considering the worst-possible portfolio composition,given the concentration limits allowed in the transaction and theexpected losses assumed for each paying entity in the pool. Thisensures that the expected loss on the pool, given the permittedconcentrations, is consistent with the expected loss from therated securities.

Moody's also analyzes structural features such as the triggerspresent in the transaction and the availability of reserveaccounts.

The resulting expected losses for the securities deriving from thecash flow model are ultimately mapped to a global rating. Moody'sconsiders these results, together with the analysis of thetransaction's qualitative factors and structural features, toarrive at a final rating in the global scale, which is furthermapped to an equivalent rating in the Brazilian national ratingscale.

The last rating action occurred on January 19, 2009, when theratings were placed on review for possible downgrade.

FUNDO DE INVESTIMENTO: Moody's Cuts Sr. Shares Ratings to 'Ba3'---------------------------------------------------------------Moody's America Latina has downgraded the ratings of the seniorshares of Fundo de Investimento em Direitos CreditoriosIntermedium Creditos Consignados, Series 2007-1 and 2008-1, to Ba3from Baa3 on the global local currency scale, and to A2.br fromAaa.br on the Brazilian national scale. The rating continues onreview for possible downgrade.

This rating action reflects Moody's concerns about the dependenceof this securitization on the servicing and credit supportprovided by the originating bank, Banco Intermedium. Moody's doesnot rate Banco Intermedium. Moody's noted that the currentenvironment in which niche banks in Brazil operate will continueto reflect more modest growth and profitability prospects in lightof the changing business and funding dynamics that have resultedin a substantial scale down of some of these banks' loanorigination.

Because the performance of the securitized consigned loans couldbe affected by any disruption in servicing, a higher likelihood offinancial distress of the primary servicer would likely increasethe probability of deterioration in the performance of thesecuritized collateral. In this particular case, the originatingbank plays an important role as primary servicer of thesecuritized assets.

Moody's noted that upon the potential financial failure of theprimary servicer, the processes of collection, transfer andreconciliation of amounts deducted from borrowers could be haltedfor a period of time, the duration of which is difficult topredict. Delays could potentially lead to a default of the FIDC'sobligations. In a more stressful scenario, the servicer wouldhave to be replaced by another bank, thus requiring a newservicing arrangement for the FIDC. The degree of servicingdisruption would depend on the severity of the potential scenariosregarding the bank's failure -- either intervention by the centralbank, liquidation of the bank or bankruptcy.

Moody's therefore believes that the ratings of these consignedloan securitizations have become more closely aligned with therating of the originator.

Moreover, in general Moody's assesses no probability of systemicsupport to the local currency deposit ratings of Brazilian bankswith modest share in the deposit market and little importance tothe Brazilian payment system. Moody's highlights that theconsigned loan transactions may also be supported by theoriginators in the form of repurchase of delinquent assets,replacement of loans to avoid the breach of transaction triggers,and cash advances to cover shortfalls from prepaid loans. Afinancial distress of the originator would halt support to thesecuritization transaction, and as a result the performance of thereceivables could deteriorate significantly.

The ratings will continue on review for possible downgrade as theoriginator explores the possibility of fully transferringservicing of the collateral to a highly-rated financialinstitution. The review will focus on the full transfer ofservicing of all the securitized loans, including collection,reconciliation and transferring of funds to the FIDC, to a highly-rated financial institution in a timely fashion. Failure of theoriginator to accomplish such transfer in a timely fashion couldhave a negative effect on the transaction's rating.

The last rating action for these transactions was on January 19,2009 when the ratings were placed on review for a possibledowngrade.

Rating Methodology

The rating methodology used to rate consigned-loan backedtransactions is based on historical performance data, the deal'sstructural features and qualitative assessments. The performancedata includes, among others, historical information about theorigination of receivables, delinquencies, and prepayments. Thequalitative assessment includes, among other factors, a review oforigination and credit approval processes and servicing.

Moody's estimates the expected loss of the securitized pool basedon the analysis of the originating bank's static pool data, whichis incorporated in a cash flow model to determine the expectedloss for the rated securities. The cash flow model simulates awind-down scenario, which would occur under an early amortization.

Moody's considers the risk that a jurisdiction fails to transferto the servicer the cash flow coming from collections on the loaninstallments deducted from employee's paychecks. This risk isusually the result of short-to-medium term liquidity pressuresobserved at the jurisdiction level and it is expected to bemitigated by the fund's eligibility criteria. In order to testthe transaction for concentration per jurisdiction, Moody's runs asimulation considering the worst-possible portfolio composition,given the concentration limits allowed in the transaction and theexpected losses assumed for each paying entity in the pool. Thisensures that the expected loss on the pool, given the permittedconcentrations, is consistent with the expected loss from therated securities.

Moody's also analyzes structural features such as the triggerspresent in the transaction and the availability of reserveaccounts.

The resulting expected losses for the securities deriving from thecash flow model are ultimately mapped to a global rating. Moody'sconsiders these results, together with the analysis of thetransaction's qualitative factors and structural features, toarrive at a final rating in the global scale, which is furthermapped to an equivalent rating in the Brazilian national ratingscale.

Rating Action

The complete rating action is:

- Fundo de Investimento em Direitos Creditorios Intermedium Creditos Consignados, Series 2007-1 and 2008-1: downgraded to Ba3 from Baa3 rating (Global Scale, Local Currency) and to A2.br from Aaa.br rating (Brazilian National Scale); the ratings remain on review for possible downgrade.

The last rating action occurred on January 19, 2009, when theratings were placed on review for possible downgrade.

ODEBRECHT FINANCE: Fitch Assigns 'BB+' Rating on US$150 Mil. Notes------------------------------------------------------------------Fitch Ratings has assigned a 'BB+' rating to the five-year US$150million senior notes issued by Odebrecht Finance Ltd with maturityin April 2014. The notes are fully and irrevocably guaranteed byConstrutora Norberto Odebrecht S.A. OFL is a full subsidiary ofOdebrecht S.A., holding company of CNO. The proceeds of theissuer will migrate to Odebrecht and, in its last instance, willbe transferred to four of Odebrecht's full subsidiaries:

The proceeds will be used for investments, working capital andother corporate purposes.

Fitch rates CNO's Foreign and Local Currency Issuer DefaultRatings 'BB+', and the Long-Term National Scale 'AA(bra)'. TheOutlook for the corporate ratings is Stable.

The ratings reflect CNO's continued leading position inconstruction and contracting in Latin America, its wideinternational engineering and heavy construction expertise, aswell as its geographical and project diversification. The ratingsare also supported by CNO's robust liquidity, adequate leverage,consistently growing revenues and cash flows, and its strong anddiversified backlog. The ratings also incorporate CNO's exposureto economic and political volatilities associated with itsoperations being concentrated in the emerging markets. The globalfinancial market crisis and the expectations of a sharp downturnin world economic activity may negatively impact CNO's business.The likely reductions in investment levels could reduce revenuegrowth rates, particularly in 2011 and beyond as the currentbacklog winds down.

CNO has a substantial and diversified backlog of work located invarious countries, which has consistently expanded over the lastthree years in Brazil and abroad. Currently, 28% of the totalbacklog relates to projects located in Brazil, 30% in Venezuela,18% in Angola, 7% in Argentina, 5% in Libya and 3% in the UnitedStates. In March 2009, total backlog achieved US$18 billion,against US$13.3 billion at year-end 2007 and US$7.1 billion atyear-end 2006. The robust backlog growth achieved over thisperiod should ensure the continuity of adequate revenue flow overthe next two to three years.

Over the last four years, CNO's operating performance steadilyimproved. From 2004 to 2008, CNO's net revenues grew 188% toBRL16.6 billion, EBITDA increased 460% to BRL2.3 billion andEBITDA margin increased to 14% from 7.2%. Funds from operations(FFO) grew 756% to BRL3.6 billion in the same period. The 164%growth of EBITDA in 2008 in relation to 2007 was mainly due to thegreater booking of revenues of construction contracts.

CNO's exposure and concentration to more volatile emerging marketcountries are partially mitigated by advanced payments receivedfrom customers. On average, CNO receives 15% of the total projectcost in advance in the emerging markets it participates. Inaddition, transfer and convertibility risks are mitigated by thefact that CNO has significant access to hard currency.

CNO has efficiently demonstrated its capacity to preserve lowleverage. At year-end 2008, total adjusted debt/EBITDA declinedto 1.5x from 1.9x, and adjusted net debt/EBITDA increased to 0.5xfrom 0.3x when compared with year-end 2007. These ratios are inline with the current rating category. Fitch expects totaladjusted debt/EBITDA ratio of around 2.0x at year-end 2009. Atyear-end 2008, CNO reported total adjusted debt of BRL3.5 billionand total cash and marketable securities of BRL2.4 billion. About89% of total cash was denominated in foreign currency, and covered95% of foreign currency debt. Total adjusted debt included debtguaranteed by CNO in the amount of BRL935 million. The net amountof funds provided to related companies of the group was of BRL729million at year-end 2008.

CNO is a leading Latin American engineering and constructioncompany in gross revenues, wholly owned by the Odebrecht group,one of the 10 largest Brazilian private groups. CNO ranked 20thin revenues among 225 international contractors in 2007 and is thecountry's largest services export organization. The group's mainbusinesses are heavy engineering and construction through CNO, andpetrochemicals through Braskem S.A., a leading petrochemicalscompany in Brazil. (Fitch rates Braskem S.A.: Local and ForeignCurrency IDRs 'BB+'; Local Term National Scale 'AA(bra)'; OutlookStable).

S&P expects the proceeds of the notes to support the OdebrechtGroup's general corporate purposes, including Odebrecht S.A.'sadditional equity investments in its new business segments (amongwhich the most relevant ones are oil and gas equipment,infrastructure concessions, real estate, environmentalengineering, and sugar and ethanol). The notes will rank equallywith CNO's other senior unsecured debt, and pari passu with OFL'sexisting US$400 million senior unsecured notes due 2017 (alsoguaranteed by CNO).

The ratings on CNO reflect the firm's exposure to the competitive,volatile, and cyclical E&C business; some backlog concentration inpublic works in economically and politically volatile countries(tempered by advances from customers/down payments); and apotentially more aggressive cash-flow distribution to OdebrechtS.A. These risks are partly offset by CNO's increasing backlog,with geographic and business diversification; its competent riskmanagement, which enabled the company to report improvements inits credit metrics while maintaining strong revenue growth; andthe company's improved debt profile, marked by long-termfinancings and strong financial liquidity.

Rating Assigned

Odebrecht Finance Ltd.

Senior Unsecured Debt BB

==========================C A Y M A N I S L A N D S==========================

“Dynamic Decisions founder Mr. Micalizzi vehemently denies theseallegations and believes that they are unfounded,” Raul Guerrero,a Boston- based spokesman for Dynamic Decisions, told BloombergNews in a telephone interview. “He firmly believes he acted inthe best interests of investors at a time of substantial marketupheaval.”

According to the court filing, Bloomberg News relates, Mr.Micalizzi had stated that the fund had “substantial” losses in2008, and assets may have fallen to as low as US$20 million,excluding illiquid investments.

Bloomberg News says the March 23 petition was submitted by ZolfoCooper, a restructuring firm appointed to oversee two so-calledfeeder funds set up to invest in the Cayman-incorporated DD GrowthPremium Master Fund, at the request of investors London-basedStrathmore Capital LLP and Cadogan Management LLC of New York.

The report relates people familiar with the case said whileStrathmore Capital and Cadogan Management won petitions forprovisional liquidators for the secondary funds, DynamicDecisions’ investment manager opposed the request on the masterfund. The Cayman court scheduled a hearing for today, April 2, toreconsider that petition, Bloomberg News notes.

Dynamic Decisions suspended investor withdrawals and Mr. Micalizziresigned from the board of the master fund to avoid conflicts ofinterests, according to a Feb. 27 letter to clients of one of thefeeder funds, Bloomberg News recalls.

In a Feb. 20 letter to investors obtained by Bloomberg News, Mr.Micalizzi said the firm had cut its equity and options holdings inmid-December and invested in asset-backed bonds. Settlement ofthose purchases was delayed until February because of “creditmarket conditions,” the letter said.

“The board had little information concerning the investment inbonds, and were not even sure if the bonds were genuine,”according to the investors’ petitions, Bloomberg News notes.According to the petitions, the same report says, the main fundholds illiquid, commodity-linked bonds that were organized andexecuted by Mr. Micalizzi.

According to Bloomberg News, citing marketing documents, DynamicDecisions said its strategy is to invest mainly in the shares oflarge US and European companies. However, the report says thepetitions noted that for the DD Growth Premium and DD GrowthPremium 2X funds, 55% of assets were held in commodity-linkedbonds at the end of 2008. Bloomberg News relates the petitionalso said Dynamic Decisions also provided conflicting informationand failed to give five days’ notice to investors about thetermination of its prime broker relationship with Morgan Stanley,as well as the change in its auditor to Deloitte & Touche LLP fromPricewaterhouseCoopers LLP. In addition, Bloomberg News saysDynamic Decisions also gave inconsistent and late information toinvestors about the amount of assets it managed.

HESS ENERGY: Sole Member to Receive Wind-Up Report on April 3-------------------------------------------------------------The sole member of Hess Energy Trading Company Limited willreceive the liquidator's report on the company's wind-upproceedings and property disposal on April 3, 2009, at 12:00 noon.

L-JAC ONE: Shareholders to Hear Wind-Up Report Today----------------------------------------------------The shareholders of L-JAC One Holdings will hear today, April 2,2009, at 10:00 a.m., the liquidator's report on the company'swind-up proceedings and property disposal.

PENDRAGON: Shareholders to Hear Wind-Up Report on April 6---------------------------------------------------------The shareholders of Pendragon (Convertibles) Fund Limited willreceive the liquidator's report on the company's wind-upproceedings and property disposal on April 6, 2009, at 11:30 a.m.

TAURUSTWO CDS: Members to Hear Wind-Up Report on April 3--------------------------------------------------------The members of Taurustwo CDS will receive the liquidator's reporton the company's wind-up proceedings and property disposal onApril 3, 2009.

UNIVEST GLOBAL: Members to Receive Wind-Up Report on April 9------------------------------------------------------------The members of Univest Global Fund Ltd. will hear on April 9,2009, the liquidator's report on the company's wind-up proceedingsand property disposal.

Caribbean Net News recalls Bosai Minerals secured a US$18 millionloan from Caribbean Investment Bank to conduct its investment inGuyana. The report relates the bank, over time, received US$3million payments from Bosai.

According to Caribbean Net News, the Judicial Manager, havingsecured control of the assets of CLICO (Guyana) and recognizingthat Bosai Minerals was linked to Caribbean Investment Bank,decided to seek to freeze any payments to be made out of Guyana.Caribbean Net News notes CL Financial owed the country throughinvestments made to CLICO (Bahamas, by CLICO (Guyana). The reportrecalls following CLICO (Bahamas)'s collapse, Guyana was forced toretain lawyers to help recover its money which represented some53% of CLICO (Guyana)'s assets.

Caribbean Net News says the payment freeze is aimed to recoveralmost half of the money invested in CLICO (Bahamas).

About CL Financial

According to Wikipedia, CL Financial Limited is the largestprivately held conglomerate in Trinidad and Tobago and one of thelargest privately held corporations in the entire Caribbean.Founded as an insurance company, Colonial Life Insurance Company(CLICO) by Cyril Duprey, it was expanded into a diversifiedcompany by his nephew, Lawrence Duprey. CL Financial is now oneof the largest local conglomerates in the region, encompassingover 65 companies in 32 countries worldwide with total assetsstanding at roughly US$100 billion.

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As reported in the Troubled Company Reporter-Latin America onFeb. 20, 2009, the Trinidad and Tobago Express said Central BankGovernor Ewart Williams disclosed that an examination of insurancecompany CLICO, dissolved finance house CLICO Investment Bank andother CL Financial companies, showed a deficit between US$6billion and US$8 billion.

Tobago President George Maxwell Richards, The Express related,signed bailout bills for CL Financial, giving the government theauthority to control the company's unit, Colonial Life InsuranceCompany, and giving the central bank extensive powers to treatwith CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government usedUS$1 billion of taxpayers money to help protect depositors andpolicyholders.

"The cost of the redundancy there is estimated at US$120 millionand you can calculate from that that the payments are quitesubstantial. They are working with the workers to ensure thatthey manage those funds in a proper way to the benefit ofthemselves and their families," the report quoted Prime MinisterBruce Golding as saying.

As reported in the Troubled Company Reporter-Latin America onMarch 23, 2009, Radio Jamaica News said Alpart's management metwith worker-delegates and representatives of the National WorkersUnion (NWU) and Union of Technical Administrative and SupervisoryPersonnel (UTASP) on March 20 to discuss workers concerns amidreports of suspension of operations.

The same report related NWU President Vincent Morrison said themeeting examined legal obligations to the workers as well as theimpact on the surrounding communities. "In terms of employeebenefits, ALPART has given us a schedule regarding the paymentsand we will be meeting with the company over the coming weeks tosign off on those arrangements. ALPART has also informed us thatin terms of its community efforts, it will not be abandoning thecommunity . . . it will be working with the displaced localpeople," Radio Jamaica News quoted Mr. Morrison as saying.

Radio Jamaica reported Alpart will suspend its operations for oneyear by May 15, sending home 900 permanent employees in theprocess; amid a 60% decline in alumina product prices since July2008.

According to Radio Jamaica, Alpart Managing Director AlbertoFabrini said the upcoming temporary shutdown will allow the plantto prepare for future developments. Although the company tooksteps to maintain the operations even at reduced capacity,circumstances still left the company with no other choice but toshutdown, he added.

About Alpart

Alumina Partners of Jamaica, also known as Alpart, is a companythat owns and operates a bauxite refinery in Nain, Jamaica.Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,Reynolds Aluminum, and Anaconda. Alpart exports 1.65 milliontonnes of alumina overseas per year, and earned gross revenues ofUS$1.3 billion in 2007. As of 2008, Alpart is 65% owned by RusAland 35% owned by Norsk Hydro.

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CEMEX SAB: May Benefit From Central Bank's Fed Swap Plan--------------------------------------------------------Mexico's central bank said it will tap a US$30 billion swap linewith the Federal Reserve to help companies meet financing needs,Hugh Collins of Bloomberg News reports. “If they open a line ofsupport to corporations, Cemex S.A.B de C.V could be one of thosethat benefits,” the report quoted Francisco Suarez, head of equityresearch at Actinver SA, as saying.

According to Bloomberg News, Central Bank Governor Guillermo Ortizsaid Mexico will carry out an auction related to the currency swapline and will disclose the amount in a few days. Mr. Ortiz, thereport recalls, previously said the facility could be used to helpfinance the private sector.

Bloomberg News notes the government also said it will seek a US$47billion credit line from the International Monetary Fund, morethan President Felipe Calderon indicated.

The report relates Cemex S.A.B's shares gained 4.4% to 9.31 pesoson April 1, in Mexico City trading, the highest since Feb. 24,following the central bank disclosure's on the planned swap line.The report relates the company's American depositary receiptsincreased 6.2% to US$6.64 in New York, yesterday.

As reported in the Troubled Company Reporter-Latin America onMarch 11, 2009, Bloomberg News said Cemex SAB started discussionswith banks to renegotiate about US$14.5 billion of debt afterpostponing its bond sale. Company spokesman Jorge Perez, as citedby Bloomberg News, said the US$14.5 billion is all of Cemex’s bankdebt and doesn’t include any bonds. At the end of December, Cemexhad total debt of US$18.8 billion, the report noted.

Bloomberg News recalled that Cemex delayed a US$500 million bondsale after its borrowing costs surged amid a tumble in globalfinancial markets, with plans to revive the offering. The cost ofprotecting Cemex’s debt against default jumped on March 6, to thehighest since at least November 2005, according to Bloomberg data.

Cemex S.A.B de C.V is the third-largest cement producer in theworld based on production capacity of approximately 97 millionmetric tons and operates in more than 50 countries. The companyis also the global leader in the ready mix concrete market withsales of over 80.5 million cubic meters, and an important globalplayer in the aggregates business with sales of 222.7 milliontons. In 2008, Cemex generated US$4.370 billion of EBITDA onUS$21.8 billion of sales revenues.

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As reported by the Troubled Company Reporter-Latin America onMarch 2, 2009, Standard & Poor's Ratings Services said that its'BB+' long-term corporate credit ratings on Cemex S.A.B de C.V.and its key operating subsidiaries (Cemex Espana S.A., CemexMexico S.A. de C.V., and Cemex Inc.) remain on CreditWatch, wherethey were placed with negative implications on Jan. 21, 2009. Atthe same time, S&P assigned a 'BB+' rating to Cemex'sintermediate-maturity notes in the amount of about US$500 million.The recovery rating is '3', indicating that lenders can expectsubstantial (70% to 90%) recovery in the event of a paymentdefault.

According to the report, Mr. Chaves said that if foreign servicecompanies are necessary, the country would get its own community-run oil service outfits to do it. Mr. Chaves, the report notes,said he would support importing additional oil industry equipmentand training personnel if necessary to local service firms.

Mr. Chavez's comments, the report notes, came at the time whenPDVSA is hit by pay-related protests by workers of oil servicescompanies and thousands of oil workers are demanding newcollective contracts.

As reported in the Troubled Company Reporter-Latin America onApril 1, 2009, Dow Jones Newswires said PDVSA is offering oilservice companies possible joint venture deals as a way ofcapitalizing billions of dollars in unpaid service bills.

According to DJ Newswires, the Venezuela Oil Chamber said itsmembers met with PDVSA officials to discuss these joint venturesbetween the company and its contractors, which in some cases arealready being signed. "In some cases, in which PDVSA owesimportant amounts, new accords are being worked on to capitalizethese debts by creating mixed companies [or joint ventures], anoption that several chamber members can pursue," the trade groupwas quoted by the same report as saying.

PDVSA last month paid a fraction of its debt to a group of 56 oil-service companies and rig operators, Dow Jones's Mr. Gallegos saidin an earlier report. However, many claim to have received evenless despite PDVSA paying as much as much as 7% of totaloutstanding receivables to some of the companies, the same reportsaid citing unnamed industry executives.

Some U.S. drill companies, such as Helmerich & Payne Inc. (HP),have already idled drills and plan to cease work on many others incoming months, DJ Newswires said.

About PDVSA

Petroleos de Venezuela S.A. -- http://www.pdvsa.com/-- is Venezuela's state oil company in charge of the development of thepetroleum, petrochemical, and coal industry, as well as planning,coordinating, supervising, and controlling the operationalactivities of its divisions, both in Venezuela and abroad.

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As of March 16, 2009, Petroleos de Venezuela continues to carry a'BB-' local currency issuer rating from Moody's Ratings.

The company also continues to carry Standard and Poor's BB- IssuerCredit Ratings.

TOYOTA DE VENEZUELA: “Threatened” by Chronic Labor Problems-----------------------------------------------------------The continued presence of Toyota de Venezuela C.A., a unit ofToyota Motor Corporation, in the country was "threatened" bychronic labor problems, Reuters reports. "For the first time in51 years of uninterrupted labor in Venezuela, the continuedpresence of Toyota de Venezuela is seriously threatened," thecompany said in a full-page ad published in a principal dailynewspaper obtained by Reuters.

According to the report, Toyota de Venezuela accused a small groupof union leaders of blocking efforts to restart Toyota'soperations, which have been halted for several weeks over labordisputes. However, Reuters relates, a union representative deniedthe accusations and said workers were still seeking a contractagreement.

Reuters notes that Toyota de Venezuela's situation highlights thedelicate state of Venezuela's auto industry. The report recallsVenezuela's car manufacturers association last week saidproduction could halt in April because of strikes and a lack ofimported auto parts caused by bureaucracy in obtaining dollarsthrough the government's currency control system.

Monday's edition of the TCR-LA delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-LA editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The MondayBond Pricing table is compiled on the Friday prior topublication. Prices reported are not intended to reflect actualtrades. Prices for actual trades are probably different. Ourobjective is to share information, not make markets in publiclytraded securities. Nothing in the TCR-LA constitutes an offeror solicitation to buy or sell any security of any kind. It islikely that some entity affiliated with a TCR-LA editor holdssome position in the issuers' public debt and equity securitiesabout which we report.

Tuesday's edition of the TCR-LA features a list of companieswith insolvent balance sheets obtained by our editors based onthe latest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historicalcost net of depreciation may understate the true value of afirm's assets. A company may establish reserves on its balancesheet for liabilities that may never materialize. The prices atwhich equity securities trade in public market are determined bymore than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in eachThursday's edition of the TCR-LA. Submissions about insolvency-related conferences are encouraged. Send announcements toconferences@bankrupt.com

This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers.

Information contained herein is obtained from sources believed tobe reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,delivered via e-mail. Additional e-mail subscriptions for membersof the same firm for the term of the initial subscription orbalance thereof are US$25 each. For subscription information,contact Christopher Beard at 240/629-3300.